Advantages Of Bitcoin

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INTRODUCTION
WHAT IS BITCOIN:
Is a new currency that was created in 2009 by an unknown person using the alias of Satoshi Nakamoto. Transactions are made directly without the need of a bank. There are not transaction fees and no need to give your real name. Some comers started to accept this coin. This coin has the characteristics of being easy and cheap for international payments because it isn’t tied to any country or subject to regulation. This coin is often described as the first decentralized digital currency. Bitcoins have three useful qualities in a currency, according to the Economist in January 2015: they are "hard to earn, limited in supply and easy to verify”.
Bitcoin is a consensus network that enables a new payment system and a
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government. A natural way to argue that Bitcoin will grow is to identify some of its major advantages. According to Andreesen (2014); first, the reduction in certain transaction costs that Bitcoin could bring about. A major example is the case of international remittance: “Every day, hundreds of millions of low-income people go to work in hard jobs in foreign countries to make money to send back to their families in their home countries (over $400 billion annually). Every day, banks and payment companies extract mind-boggling fees, up to 10% to send this money. Switching to Bitcoin, which charges no or very few feed, for these remittance payment will therefore raise the quality of life of migrant workers and their families significantly.” He says, Bitcoin can be a powerful force “to bring much larger number of people around the world into the modern economic system” and thereby “ can be powerful catalyst to extend the benefits of the modern economic system to virtually everyone on the…show more content…
Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
• Volatility - The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.
• Ongoing development - Bitcoin software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still offer no
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